Customs duty hiked to 20% on 328 textile products

Thursday, 9th August, 2018

Source: Tecoya Trend

MUMBAI, AUG. 07

The basic customs duty (BCD) was doubled on as many as 328 textile products to 20 per cent today by the government in order to provide a boost to the manufacturing of these items in the country. It may be noted here that the man-made fibres and filament yarns are not included in the notification.

The customs duty on man-made fibre and filaments will continue to remain the same. A notification to this effect was tabled by Mr. Pon Radhakrishnan, Minister of State for Finance, in the Lok Sabha. The notification said it seeks to “increase customs duty on 328 tariff lines of textile products from the existing rate of 10 per cent to 20 per cent...under Section 159 of the Customs Act, 1962”.

Increase in duties would give an edge to domestic manufacturers as imported products are currently cheaper. Increase in manufacturing activity will help create jobs in the sector, which employs about 10.5 crore people. The government had last month doubled import duty on over 50 textile products — including jackets, suits and carpets — to 20 per cent, a move that is aimed at promoting domestic manufacturing. (Source: Tecoya Trend)